FDIC's Morgan Stanley RMBS Suit Sent To Texas State Court

Law360, New York (November 29, 2012, 1:53 PM EST) -- A Texas federal judge on Tuesday granted the Federal Deposit Insurance Corp.'s request to remand to state court a $67 million residential mortgage-backed securities suit against Morgan Stanley, rejecting the financial services giant's bid to move the case to New York.

U.S. District Judge David Hittner defeated Morgan Stanley’s third attempt to get the case moved to New York federal court, saying removal was improper because the court has already determined that the FDIC’s claims under the federal Securities Act of 1933 were not baseless as...
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